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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #51,781
  • Jan 16, 2010 6:38pm Jan 16, 2010 6:38pm
Quoting TitiX
Inside Pin Bar
No....

Inverted Pin Bar

Look through Ghous's posts from a couple of months ago where he explains it.
  • #51,782
  • Edited 8:01pm Jan 16, 2010 7:02pm | Edited 8:01pm
Quoting ghous
Hi Adam,

You're all telling me that these sort of setups occur on these higher timeframes at a high enough frequency and with a high enough accuracy that, if I were so inclined, I could watch and profitably trade only D1 and W1 charts and never have to spend hours staring at a M5 chart ever again?

Precisely.

Not that you'll get a 100 great setups every month, but that you'll learn to be patient and learn to dissociate XXXX number of pips with consistent account growth.

What we (and higher time frame charts) emphasize upon is that...
GREAT POST!!

If I were a girl, I'd be wet already..
  • #51,783
  • Jan 16, 2010 7:19pm Jan 16, 2010 7:19pm
Quoting ljr
No....

Inverted Pin Bar

Look through Ghous's posts from a couple of months ago where he explains it.
you're right, my bad, I keep remembering them as Inside PB, I should work on it!
  • #51,784
  • Jan 16, 2010 7:44pm Jan 16, 2010 7:44pm
Quoting Hova
You're absolutely right, my trading (intrady) was horrible before discovering this thread and the knowledge within.

Now i only trade 2 diff. accounts, one daily PA and one weekly. (demo)
In one month now, on daily i got a win rate about 75% (still not picki enough!)
and on weekly, with only 12 trades ( 100% wins ) im up 10% on the account with another ~10% floating (all stop's @ BE)

The last 2 month completely changed the way i trade...i cant even believe it.


edit: anyone looking @ oil (weekly) ? theres a BEOB and i'd like to...
Well done Hova... And just to add a little and concerning trade management too. I really love the dailies as my major timeframe. The higher time frames control the smaller ones. I got in short on oil after seeing the cute bearish divergence (regular) and +B pin bar at a swing high. Now that I see a BEOB on the weekly which is a higher time frame it only tells me one thing "don't chicken out". If after the weekly move I see something else in the same direction on the monthly, I'd remain in the trade but if not, i'd exit. I did the same thing with gold in December. The daily pin occurred first before the weekly pin (I got a great entry on M15 for a smaller stop) and once I saw the weekly pin I just stayed in more confidently and trailed. People who took the pin off the weekly made about 500 pips or so while I made close to 850 or so. I'm not bashing any time frame here but only trying to state the importance of focusing on one time frame most of the time and using the other time frames to manage the trade (i.e after the initial areas of trouble have been reached on the main time frame). This is how I manage my trades. When already in a trade and in doubt about a continuation or reversal, zoom out.
  • #51,785
  • Edited 8:03pm Jan 16, 2010 7:44pm | Edited 8:03pm
Quoting jarroo
Anyone eyeing the Weekly Usd/Chf PB ?

A+? Probably not. Lets see how it breaks. (if she breaks)
Nice find Sir J.. Maybe the awaited dollar strength might just do the trick. However, If I am to play this I think I would rather prefer an entry on a retrace rather than on a break (reason: smaller stop). From weekly, find a good entry on H4 where from my chart I can see round number and fib confluence. What do you think?

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  • #51,786
  • Jan 16, 2010 10:46pm Jan 16, 2010 10:46pm
Quoting fxlan
Hey jarro what is ipb may i ask?
It's an Inverted Pin Bar. (thanks ljr)

Here is some ghous links brought to you by supremechaos:

Quoting supremeChaos
check related posts here, here, here, here, here.
Indicators show the past. Price Action "Indicates" the future.
  • #51,787
  • Jan 16, 2010 11:03pm Jan 16, 2010 11:03pm
Quoting Pipzilla
Since the high of the pin is lower than the previous high would'nt that add to the bearish outlook of the setup or be an additional cfm.
That's a good point Pipz. The PB that formed did not break previous High and thus made a Lower High (LH), giving a possible confirmation that the trend is changing from up to down. Very nice.

But my concern is the PB's size is to small, that it won't have enough weight to give the push down we are looking for. So, my thoughts are that the great confluenced location (1.0000 RN, weekly 150 ema, top of a weekly range, etc.) will give that PB its added weight.

Should be fun to see how it plays out.
Indicators show the past. Price Action "Indicates" the future.
  • #51,788
  • Jan 16, 2010 11:23pm Jan 16, 2010 11:23pm
Quoting Hova
Im watching this one too
My first target would be around 1.0350, massive restistance in this area, ppz, 23% fib of previous down move.
Move stop to BE fast.

but i would love to see it go up, and then retrace with a nice long
PB @ 1.095 - 1.1 (ppz and 50% fib area)

I would like to see that too Hova.

I would also like to see it blast throught the 1.0300 and hide my stop loss under that level.

I like your forward thinking, Hova. If these senarios don't play out, we don't trade it. Price has to do what we want it to do. If it has other plans . . fine . . we'll stay out.
Indicators show the past. Price Action "Indicates" the future.
  • #51,789
  • Jan 16, 2010 11:42pm Jan 16, 2010 11:42pm
Quoting wh1zz0
Nice find Sir J.. Maybe the awaited dollar strength might just do the trick. However, If I am to play this I think I would rather prefer an entry on a retrace rather than on a break (reason: smaller stop). From weekly, find a good entry on H4 where from my chart I can see round number and fib confluence. What do you think?
I like it wh1zz0. This is the ideal situation. We have a Daily/Weekly PA setup (preferably an A+ setup) and it retraces before it breaks. Then on a lower time frame another strong PA setup presents itself in the same direction. Meaning the lower time setup has all the high quailty confluences, at a swing High/Low, etc, that compliment the higher frame setup.
Indicators show the past. Price Action "Indicates" the future.
  • #51,790
  • Jan 17, 2010 2:24am Jan 17, 2010 2:24am
I believe many of u are out on weekend.. Just wanna share this taught.

UCHF, at where im pointing the tick sign, its forming 2pins of matching highs. Its continuation pattern and its breaking the 50 fibo confluence.

Lets see the direction... Ill bet 1.0360 1st TP.

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  • #51,791
  • Jan 17, 2010 2:55am Jan 17, 2010 2:55am
Quoting ghous
Hi Adam,

::[WALL OF WISDOM]::

... winning comes before making money and making money comes before making pips.


cheers.
Ghous.
Thanks ghous. You've been incredibly helpful. It's very much appreciated.

I have a bit of spare cash this paycheck, so I might pick up a couple of books that I've seen recommended around here.

The Candlestick Course - Steve Nison
Martin Pring on Price Patterns - Martin Pring

... I forgot how boring being single is, especially working a crappy weekend nightshift. So the books and all the studying should keep me occupied for a good while and make the weekends go by a bit faster.

- A.
  • #51,792
  • Edited 2:13pm Jan 17, 2010 3:15am | Edited 2:13pm
So my plan for this week ( & from now on hopefully) is to become far more fussy & only take the A trades. I have been going through the charts & making notes & what to look for on the week ahead if something catches my eye.

So that brings me onto the usd/chf. It closed the week off with a small pin in a current PPZ zone & sitting on the 23 fib. Also on the daily is a BUOB & BUB if i'm not mistaken, would appreciate the experts thoughts?


edit - Guess I should have read the previous posts I can see many are onto this already.
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Learning to be rigid in my rules & flexible in my expectations
  • #51,793
  • Jan 17, 2010 4:37am Jan 17, 2010 4:37am
Quoting alifari
CAD/CHF DAILY TRADE

1) 2 day pinbar off round number 1.000 and swing high
2) Bearish divergence on RSI

Short Entry: 0.9880
SL : 0.9990
TP : 0.9790 (Took take profit early at 0.9813, however price did reached initial take profit)

Hey Bro which broker do you use? because on my liteforex feed I had a big OB.

Hunri
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  • #51,794
  • Jan 17, 2010 4:59am Jan 17, 2010 4:59am
Quoting didymario
Hey Bro which broker do you use? because on my liteforex feed I had a big OB.

Hunri
On the upper left corner of his pic you can see he uses FxPro
Never whishing, always trading.
  • #51,795
  • Jan 17, 2010 5:51am Jan 17, 2010 5:51am
i was going through the charts and saw a very interesting situation on gold note the daily DBHLC and the weekly PB (its true that the weekly pin dont have a big nose but it should do it ...

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  • #51,796
  • Jan 17, 2010 6:13am Jan 17, 2010 6:13am
Quoting ppfx
i was going through the charts and saw a very interesting situation on gold note the daily DBHLC and the weekly PB (its true that the weekly pin dont have a big nose but it should do it ...

Attachment Attachment


which broker are you using ?
Never whishing, always trading.
  • #51,797
  • Jan 17, 2010 6:18am Jan 17, 2010 6:18am
Quoting jarroo
I wonder if ghous is looking at this IPB on the weekly Usd/Cad. It may be to small to quailfy, although looks good in structure. You have to love the Location . . . Weekly PPZ level at the 1.0300, very nice.

The 4 hour BUOB (also 8 hour BUOB) maybe giving us the hint with the 1.0250/1.0300 as our protection. Consolidation may be developing on the upside.
Your first guess was exactly my thought. Too small...

It's more of an indecision bar and I play those only as trend continuation signals (the indecision bars) never as trend reversals.

Here's one IPB that made me fall out of chair. (oil weekly)

g.
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I believe . . .
  • #51,798
  • Jan 17, 2010 6:23am Jan 17, 2010 6:23am
Quoting XNAdam
Thanks ghous. You've been incredibly helpful. It's very much appreciated.

I have a bit of spare cash this paycheck, so I might pick up a couple of books that I've seen recommended around here.

The Candlestick Course - Steve Nison
Martin Pring on Price Patterns - Martin Pring

... I forgot how boring being single is, especially working a crappy weekend nightshift. So the books and all the studying should keep me occupied for a good while and make the weekends go by a bit faster.

- A.
Now that's one "Learn-O-Holic"!

...like it!
I believe . . .
  • #51,799
  • Jan 17, 2010 6:32am Jan 17, 2010 6:32am
Hmm...

Au 2day's worth a look, no?

g.
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I believe . . .
  • #51,800
  • Jan 17, 2010 6:47am Jan 17, 2010 6:47am
Quoting jarroo
Lower time frames are very tradable, I find them to be better played off Daily and Weekly PPZs, Fibs, and other higher time frame confluenced levels.
I Think so too J, I am currently backtesting(using fx tester) and demo trading this approach. (higher time frame ppz, TL, BRN etc and lower tf PA trigger ) and I am pleased with the outcome so far.

I will be grateful if you can keep an eye on my trades as they happen.

Hunri.
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